By Giulia Petroni

BASF SE said Thursday that it has agreed to form a joint venture with lithium-ion battery materials supplier Ningbo Shanshan Co. Ltd. to serve the battery materials market in China.

The German chemicals company said the JV would produce cathode active materials and precursors in the country. BASF will hold a 51% share of the venture, with Shanshan owning the remaining 49%.

The transaction is expected to close later this summer, following approvals from relevant authorities.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 20, 2021 07:35 ET (11:35 GMT)

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